In the News

The next issue of Agri Marketing will feature Salutes to NAMA's Leaders of the Year: Calvin Ernst, Ernst Conservation Seeds; Kendal Frazier, NCBA, and Ed Peck, Filament. To schedule your congratulatory ad contact Audrey Evans: AudreyE@AgriMarketing.com; 515-954-8589.

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1300	3.9850	3.8550
Soybeans	+0.1600	10.5625	10.4025
Wheat	+0.2125	4.9850	4.7725
Cattle	+3.28	107.00	103.72
Hogs	-4.92	72.63	77.55
Cotton	-0.22	84.51	84.73
Milk	+0.16	15.06	14.90
Crude Oil	-0.30	68.10	68.40

Grain and soybean futures were up on the week, driven by technical buying and uncertainty about Argentina's soy export potential. Most of soybeans' gains occurred Friday, when the market rallied on concerns that damage caused by accident at Argentina's largest export terminal in Rosario would prevent the country from meeting export commitments. This is on top of problems with the crop there, which have made Argentina a recent buyer of U.S. soybeans. Wheat futures also surged Friday, led by technical buying and concern about drought damage to the U.S. hard red winter crop. Corn's strength was due in part to gains in soybeans and wheat. While corn ended the week on the verge of a breakout technically, fundamentally the upside should be limited by a warmer and drier weather pattern that has led to aggressive planting in much of the Midwest. In the cotton market, December futures made a new contract high early in the week but ended the week lower. Rice futures also were down on the week after an early surge, as July rice climbed to a seven-month high on Wednesday before falling sharply on Thursday. Planting weather across the South has been generally favorable for cotton and rice.

In the livestock complex, lean hogs sold off, with summer-month contracts hit especially hard on the idea that their wide premium to cash was unrealistic. Soft packer margins and larger U.S. pork belly stocks were also negative factors. Futures made three-week lows by Friday. Live cattle futures were firm, as stronger wholesale beef prices helped to boost packer margins and cash cattle trade. Cash cattle trade in the southern Plains emerged Friday at $124, up as much as $3 from the prior week. Summer-month live cattle contracts were choppy throughout the week. The Choice beef cutout hit a 10-month high.

Click on the Brock logo or call 1-800-558-3431 for more info on our services.